Best Banks for Personal Loans in December 2024

Citi personal loans are best for current Citibank clients who need a small loan. You don’t have to bank with Citi to qualify for a loan, but Citigold and Citi Priority customers are eligible for a 0.25% rate discount. Enrolling in autopay will shave another 0.5% off your rate.

But if you have good or excellent credit, you’ll likely qualify for better rates elsewhere, since Citi rates start at 11.49%. Borrowers who need large loans should note that Citi loans max out at $30,000.

Citi doesn’t specify a minimum credit score or income, but you’ll need to meet the following requirements to qualify for a loan:

• Must have an established credit history and income
• Must be at least 18 years old

In addition to offering low interest rates and a wide range of repayment terms, Discover has a payment assistance program to help borrowers who are having difficulty making payments on time. If you qualify, enrolling in this program may allow you to defer payments, temporarily lower your payments or qualify for lower payments by extending your loan term.

Qualifying for a Discover loan isn’t easy — you’ll need a credit score of at least 720. While the lender reserves its lowest rates for borrowers with excellent credit, you can check your rates without damaging your credit by prequalifying for a Discover loan.

You’ll need the following to qualify for a Discover loan:

• Minimum credit score: 720
• Minimum individual or household income: $40,000
• Must be 18 or older
• Must have a valid Social Security number
• Must have a physical address
• Must have a valid email address and internet access to finalize loan online

Laurel Road is an online bank that caters to borrowers of all professions, but doctors, dentists and residents can qualify for as much as $80,000. If you’re not a physician, you can take out up to $45,000 with Laurel Road.

Note that while Laurel Road doesn’t charge upfront administrative fees (often called origination fees) or a penalty for paying off the loan early, you’ll need to pay a fee for late or returned payments.

Laurel Road doesn’t provide much insight into how it evaluates personal loan applications, but you must be:

• At least the age of majority in your state (typically 18 or 19)
• A U.S. citizen or permanent resident

While Laurel Road doesn’t specify a minimum credit score, it does state that it’s able to offer low rates because it works with creditworthy borrowers. The lender may assess this creditworthiness by evaluating your debt-to-income ratio, employment, income and credit history.

If you need a short-term loan to cover a small expense, PNC Bank is worth considering. You can pay back a PNC personal loan in as few as six months, making it an ideal alternative to a payday loan with predatory interest rates.

PNC can take a few days to make a decision on your loan application, so choose another lender if you’re looking for a quick loan.

To qualify for a PNC Bank loan, you must be a resident of Alabama, Arizona, Colorado, Washington, D.C., Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Montana, North Carolina, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Wisconsin or West Virginia.

SoFi is an online bank that makes borrowing money fast and easy. You’ll see rates in 60 seconds if you qualify, and you can get your money as soon as the same day you close on your loan.

SoFi offers rate discounts for signing up for autopay and direct deposit. You can get an additional discount if you allow SoFi to pay your credit card company directly when you get a debt consolidation loan.

SoFi does offer a low starting annual percentage rate (APR), but you may need to pay a one-time origination fee to get its lowest rates. And if you value in-person customer service, you should look elsewhere — SoFi does not operate any physical branches.

To qualify for a SoFi loan, you must meet the following criteria:

• Minimum credit score: 680
• Be at least the age of majority in your state (usually 18 or 19)
• Be a U.S. citizen, permanent resident or non-permanent resident (including DACA recipients and asylum seekers)
• Provide documentation proving your residency
• Be employed, have an offer of employment that starts within 90 days or have another source of income

USAA loans are low on fees and come with competitive rates and terms. Although the starting APR is on the high end at 10.34%, the maximum is 18.51% — well below the 36% threshold that lenders often charge. USAA offers both short- and long-term loans, and it allows you to borrow up to $100,000 if you meet its credit requirements.

You’ll need to be affiliated with the military in order to qualify for USAA membership, and membership is required to get a loan. Unlike other banks that offer prequalification, USAA doesn’t allow you to see your rates before you formally apply.

USAA membership is required. To become a member, you must be:

• A member of the U.S. military
• A veteran
• A pre-commissioned officer
• The spouse/child of any of the above

Wells Fargo loans are best for current customers with excellent credit who can take advantage of some of the lowest starting interest rates on the market. If you’re not sure whether your credit score will allow you to qualify for the lowest rates, you’re in luck — you can check your Wells Fargo personal loan rates without damaging your credit.

Note that you can only qualify for a Wells Fargo personal loan if you’ve been a customer for at least a year. And if you were hoping to apply with a co-borrower, you’ll have to look elsewhere — Wells Fargo doesn’t offer joint loans.

To qualify for a Wells Fargo loan, you must be a Wells Fargo customer for a minimum of 12 months.